According to the IHS iSuppli Data Flash Market Tracker, the NAND Flash memory market is projected to grow 8% this year to $22.9 billion. Memory market growth is driven by strength in smartphones, tablets, and ultrabooks. The market is projected to grow to $30.9 billion by 2016. The researcher estimates that overall NAND flash consumption for smartphones will grow to 5.7 billion gigabytes this year, up from 3.1 billion gigabytes a year ago. By 2016, NAND memory content in smartphones is projected to reach 18.9 gigabytes and will amount to 16% of total NAND bit shipments. Besides consumer equipment–related growth, the Flash memory market is also seeing strong growth in the enterprise-related flash memory segment.

To date, it has raised $186 million in venture funding from investors that include Juniper Networks, Toshiba Corporation, SAP Ventures, Highland Capital Partners, and GE Capital. Its latest round of funding of $90 million, held in May of this year, pegged its valuation at $850 million.